Star Allied Goes Live on Credence iDEAL Funds

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tar Health &
Allied Insurance, a specialist in Health Insurance, has gone live on Credence
iDeal Funds for their funds management operations. Star Health has chosen to be
in the field of health insurance in spite of having a capital base of Rs 303
Crores, which is more than sufficient to form a General Insurance Company. With
the requirement of an IRDA compliant robust system to automate the investment
management operations, Star Allied chose Credence system. The system has the
capability to monitor IRDA compliance and generate accounting and IRDA reports.
After the implementation of iDeal Funds, which is interfaced with PREMIA, there
is no manual intervention required in posting investment operations data to
their core system.

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n the words of S Ramaswamy (CFO) “When the Credence iDeal was
implemented, the team was able to complete the process in a very short span of
27 working days which is not possible without a good product, domain expertise
and dedicated team which has made the product successful.” The dependable product
and domain expertise of Credence employees enabled to complete the
implementation within a month. The transition from existing excel system to
iDeal Funds was smooth and the new system is up and running in Star Allied.

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tar Health and Allied Insurance
Company Limited (Star Health) is a joint venture between Oman Insurance
Company, ETA Ascon Group and a number of insurance veterans in the country. Star
Health has chosen to be in the field of health insurance and was the first
stand-alone health insurance company in India. It offers a wide range of health
insurance services and related products at affordable prices, dealing in
personal accident, Mediclaim, and overseas travel insurance.

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redence Analytics
is a highly specialized financial software product provider with a rich
experience of over 15 years in the industry. As a highly focused vendor
credence analytics address the requirements of Banks, Asset Management
Companies, Insurance Companies, Non-Banking Financial Companies and Corporate
finance departments in the areas of Treasury, Investment Management, Fund
Administration, Investor serving and Risk Management.

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ased in India, Credence
Analytics has a reputable customer base in India that comprises of leading
Banks/institutions like Reliance Mutual Fund (Largest Asset Management Company
in India), HDFC Bank (Second Largest Non-Government owned bank in India), SBI Life Insurance (Second largest life
insurance company in India) and SBI Associate Banks (Largest Banking Group in
India). Credence Analytics also has presence in South East Asia, Middle East, African
Countries with clients in Nigeria, Bahrain, UAE, Sri Lanka and Philippines. The
strength of Credence Analytics is its strong domain expertise in the areas of
Treasury, Investment Management and Risk Management. The Firm Strongly believes
that its role goes beyond providing software solution by actively implementing
the solution and advising the customer on how to use the software to the
fullest extent.